|[March 20, 2013]
Western Union Launches New Platform Enabling Stored-Value Solutions Worldwide
BOSTON --(Business Wire)--
As part of its continuing commitment to create innovative solutions that
address unmet needs in the marketplace, Western Union (News - Alert) today announced
two significant milestones in its Stored-Value division.
The first is the launch of the Western Union® Global Share
platform, which enables the company to introduce new stored-value
solutions in markets around the world by joining forces with local
The platform allows local companies to enhance their overall value
proposition by leveraging many of Western Union's strengths in the
marketplace, including the largest network of its kind in the world, its
globally recognized brand and its expertise in moving money across
The Global Share platform model enables both Western Union and its
clients to develop enhanced value propositions in the marketplace by
leveraging each other's complementary assets.
At the Innovation Project at Harvard University today, Western Union
also announced that it has already signed agreements with six companies
for solutions that meet a variety of needs around the globe.
"The launch of the Western Union Global Share platform and the addition
of six companies are proof that Western Union is a relevant,
wide-reaching and powerful brand - one with the trust of millions of
customers," said Diane Scott, Executive Vice President, Chief Product
and Marketing Officer, Western Union. "We are truly a partner of choice
for companies around the world."
The six companies are:
Access Prepaid Worldwide (global): Western Union and Access
Prepaid, a fully-owned subsidiary of MasterCard (News - Alert), are working together to
introduce Western Union-branded multicurrency travel cards in multiple
countries around the world. With these accounts, travelers can load
funds at select Western Union Agent locations worldwide and manage their
money in multiple currencies, delivering both convenience and savings.
This agreement is part of Western Union's global partnership with
MasterCard to make electronic payments and financial services more
efficient and accessible for consumers.
Advent Financial (U.S.): The companies are now offering
government tax disbursements on prepai cards at more than 5,000
locations in 45 states. The solution offers quicker and more convenient
access to refunds than a paper check, and delivers additional features
such as cash reload services at Western Union Agent locations and access
to Western Union Money Transfer® transactions, resulting in
stronger, longer-lasting customer relationships.
AirPak (Central America): Western Union and its master Agent in
Central America have introduced co-branded reloadable remittance card
accounts that allow receivers of Western Union Money Transfer
transactions in Costa Rica, Guatemala and El Salvador to direct part or
all of those funds onto a reloadable prepaid card.
Credencial (Chile): Western Union and Credencial, a leading Latin
American stored-value processing company based in Buenos Aires, are
building a stored-value wallet tied to a prepaid card that will allow
users to send and receive money domestically within Chile.
Jade Payments (UAE): The two companies are planning to launch the
"WU WALLET," a multi-purpose, multi-currency card account for daily use
in the UAE and as a multi-currency card when traveling abroad.
Accountholders will be able to use the card in multiple currencies,
withdraw cash at ATMs, send money from the card with Western Union and
add funds to the card at select Western Union Agent locations in the UAE.
mFunds (U.S.): The two companies are working together on
solutions addressing multiple verticals where customers have unmet
needs. The first is an open-loop prepaid card for Chinese travelers
coming to the U.S. that brings convenience and shopping discounts.
In addition, the company today announced the launch of its Reload+
network, which allows customers with multiple types of accounts,
including prepaid cards, mobile services and other e-commerce-based
accounts, to "top up" or add cash to their accounts at participating
Western Union Agent locations worldwide. Additionally, Reload+ services
offer cash access at participating Western Union Agent locations where
ATMs are not prevalent.
"Today's announcements are extraordinarily significant for Western
Union," said Mike Hafer, Senior Vice President, Global Stored Value,
Western Union. "They are clear evidence of our company's transformation
to offer customers solutions that meet varying and diverse needs in the
marketplace. They are also proof that many of our key assets, including
our global Agent network of more than half a million locations, are
highly desirable and complementary in local markets around the world."
For more information about Western Union's Global Stored Value solutions
and the new Western Union Global Share platform, visit http://business.westernunion.com/storedvalue.
About Western Union
The Western Union Company (NYSE: WU) is a leader in global payment
services. Together with its Vigo, Orlandi Valuta, Pago Facil and Western
Union Business Solutions branded payment services, Western Union
provides consumers and businesses with fast, reliable and convenient
ways to send and receive money around the world, to send payments and to
purchase money orders. As of December 31, 2012, the Western Union, Vigo
and Orlandi Valuta branded services were offered through a combined
network of approximately 510,000 agent locations in 200 countries and
territories. In 2012, The Western Union Company completed 231 million
consumer-to-consumer transactions worldwide, moving $79 billion of
principal between consumers, and 432 million business payments. For more
information, visit www.westernunion.com.
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